Commerz Real Acquires Murray Hill Office Building For $330M
222 E 41st St, New York, NY 10017, USA
Building Size
4,000,000 SF
Asset Type
Office
Closing
Apr 29, 2018
About this deal
AI
The office building located at 222 East 41st Street in Murray Hill, Manhattan, has been sold in a closed transaction. The property, measuring 400,000 square feet, was purchased for a price of $330,000,000, resulting in a price per square foot of $850. The seller, Columbia Property Trust, completed the sale to Commerz Real, represented by Andreas Muschter.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $330,000,000
- Square Footage: 400,000 sf
- Price per Square Foot: $850
- Address: 222 East 41st Street, New York
- Market: Murray Hill, Manhattan
Commerz Real, represented by Andreas Muschter, acquired the office building from Columbia Property Trust in the closed property transaction. The deal involved significant investment in the prime location of Murray Hill, Manhattan.
Players
New York Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93